NAIROBI, Kenya Nov 25 – President William Ruto Deputy Central Bank of Kenya Deputy Governor nominee Jared Arita has promised to improve coordination within the Central Bank of Kenya to solve the liquidity issues in the market.
Appearing before the joint committee of Finance co-chaired by Molo MP Kimani Kuria and Mandera Senator Ali Roba,Arita boasted of being the most qualified candidate having served at CBK for 36 years.
The 60 year old nominee joined the national financial institutions in 1988 as a management graduate trainee and scaling through the rank having retired last month as Director Supervision prior to his appointment.
“Despite money not being in the pockets,the lowering of inflation with good weather will lead to reducing the rise of basic food items leading to the using of less money to buy goods,”he said.
Finance Committee Chair had pointed out that the
liquidity in Banks stands at 54 percent urging Kenyans not to withdraw the funds over safety concerns.
Migori Senator Eddy Oketch questioned how the financial liquidity crisis will be solved with the government having drastically slashed expenditures over fiscal headroom issues.
“The government has cut down spending,how will the money policy committee will be valuable in price stability and money in the pocket of Kenyans,”he said.
Kakamega Senator Bonnie Khalwale questioned the nominee how he will harness a cordial working relationship with CBK Governor Kamau Thugge.
Khalwale cited frosty relationship between Former Deputy CBK Governor Jacinta Mwatela who could not work with his boss Governor Patrick Ndungu.
“I respect Governor Thugge who hss previously served as National Treasury Principal Secretary abd i have worked with him previously well.I knows the assignment i will be carrying out and i do not expect to have any conflict with the Governor,” responded Arita.
Mombasa Senator Mohammed Faki asked about incidents of clients being defrauded by bank accounts demanding measures on how the nominee will address the vice.
The Deputy CBK Governor pointed out that robust cyber security measures needs to be in place by sealing loopholes in defrauding clients.
“We have bank clients being defrauded which is a serious issue with banks doing penetration vetting to seal off any loopholes that may lead to customers losing their money,”the nominee said.
The nominee who brings 36 years of professional experience to the role, having held multiple positions within the institution is worth Sh 169 million.
His previous roles include Director of Financial Markets Development, Director of Banking Services, and Acting Director of Internal Audit, among others.
Arita holds a Master of Philosophy in Economics from the University of Cambridge, earned under the Commonwealth Scholarship.
Source: capitalfm
